At Cypress Homecare Solutions, we often emphasize the importance of planning for the future. Our Managing Partner and Co-founder, Bob Roth, hosted an enlightening discussion on our radio show and podcast about estate planning with Stephanie Maloney, President and Owner of Premier Estate and Retirement Planning. Their conversation highlighted several crucial points that we believe are essential for our clients and their families to understand.
For the full episode, CLICK HERE.
You can also find this on any of the following podcasts:
Estate Planning is for Everyone
One of the most important takeaways from the discussion is that estate planning isn’t just for the wealthy or the elderly. As Stephanie Maloney pointed out, “Estate plans are different. You have an 18-year-old, you have a 70-year-old, they both need certain documents, some the same, and some different.”
Young adults, in particular, need to consider having certain documents in place. Maloney shared a personal story about her son, who at 18 was able to check himself out of high school and go skiing. When he got hurt, the hospital couldn’t share information with his parents due to HIPAA regulations. This illustrates why even young adults need healthcare directives and power of attorney documents.
Essential Documents to Consider
The discussion highlighted several key documents that everyone should consider having:
- Healthcare Power of Attorney: This allows someone you trust to make medical decisions on your behalf if you’re unable to do so.
- Financial Power of Attorney: This document gives someone the authority to handle your financial affairs if you become incapacitated.
- Mental Health Power of Attorney: Specific to Arizona, this document can be crucial for admitting a loved one to a mental health or memory care facility.
- Last Will and Testament: While important, it’s crucial to understand that a will doesn’t avoid probate. It’s simply a set of instructions for the probate court.
- Trust: For many families, a trust can be an effective way to avoid probate and ensure your wishes are carried out.
The Importance of Communication
One key point emphasized throughout the discussion was the importance of communication. As Maloney stated, “You got to talk about it, right? So they know what you want.” It’s not enough to just have the documents in place; you need to discuss your wishes with your loved ones.
Regular Reviews are Crucial
Life changes, and so should your estate plan. Major life events like marriages, divorces, births, or deaths in the family should trigger a review of your estate planning documents. Even without major changes, it’s a good idea to review your documents annually to ensure they still reflect your wishes.
The Cost of Not Planning
Perhaps one of the most striking points made during the discussion was about the cost of not having a plan. As Maloney put it, “Everybody is out there walking around with the most expensive plan that exists – nothing.” The cost and stress of going through guardianship or conservatorship proceedings far outweigh the cost of proper planning.
At Cypress Homecare Solutions, we understand that these conversations can be difficult. However, we’ve seen firsthand how proper planning can alleviate stress and conflict during already challenging times. We encourage all our clients and their families to consider their estate planning needs and to seek professional guidance in putting the right documents in place.
Remember, estate planning isn’t just about distributing assets – it’s about ensuring your wishes are respected and making things easier for your loved ones during difficult times. It truly is a gift to those you care about most.
